01 - Peel and slice the onions into 1/2-inch rings. Separate rings and set aside.
02 - In a medium bowl, whisk together flour, cornstarch, baking powder, salt, black pepper, and paprika.
03 - Gradually whisk cold sparkling water into dry ingredients until a smooth batter forms.
04 - Place panko breadcrumbs in a shallow dish for coating.
05 - Heat vegetable oil in a deep pot or fryer to 350°F (175°C).
06 - Dip each onion ring into batter, letting excess drip off, then coat evenly in panko breadcrumbs.
07 - Fry rings in batches for 2–3 minutes, turning occasionally, until golden brown and crisp.
08 - Remove fried rings with slotted spoon and drain on paper towels.
09 - Combine mayonnaise, ketchup, Dijon mustard, lemon juice, and smoked paprika in a small bowl. Season with salt and pepper to taste.
10 - Serve crispy onion rings hot alongside dipping sauce.